Do you want to have two joint accounts at the same bank? We explain how to get there!
Do you already have a joint account in a bank, and you would like to open another one in the same establishment? Is this operation possible, and under what conditions? We answer all your questions on the subject. But before knowing if we can have two joint accounts in the same bank, we explain the principle and the functioning of this type of bank account. Also discover the procedure for closing a joint account in the event of separation. And follow our advice to avoid being banned from banking in the event of an incident.
Summary
Principle and operation of a joint account
A joint account is a bank account that operates in the name of several holders, who may or may not be of the same family.
Generally, it is the couples (married, civil union or living in common law) who decide to open a joint account in order to facilitate the sharing of income and current expenses.
Several types of bank accounts can be joint accounts:
- current account ;
- bank savings account;
- accounts titles ;
- term account.
On the other hand, regulated savings accounts such as the home savings plan or the livret A, as well as stock savings plans cannot become joint accounts. These are only individual accounts.
On the other hand, the joint account may include the words « Mr / Mrs or Mr / Mrs » or « Mr / Mrs and Mr / Mrs ». In the first case, the co-holders can carry out current transactions under their sole signature. On the other hand, in the second case, the signature of the joint holders is required to perform each transaction.
Finally, note that the joint account is usually opened in the name of two people, but it can also be owned by a group. Indeed, there is no limit. However, the bank has the right to set a ceiling.
How to open a joint account in a bank?
First, know that the procedure for opening a joint account in a bank is the same as that for opening an individual current account. However, the presence of co-holders is required. They must present themselves with an identity document as well as proof of address.
Then, for the opening of the joint account to be effective, each of the holders will have to sign an account agreement. And they will also designate a common address where they will receive postal mail from the bank.
To know : all banking establishments can charge joint account maintenance fees. To find out the rates applied by your bank, ask for the rate brochure for consultation, or find it online, on the establishment’s website.
What does it mean to open a joint account?
When you open a joint account with another person, you become united. This necessarily implies consequences in the event of unpaid bills or banking incidents. Therefore, it is better not to proceed with the opening of a joint account if you have doubts about one of the joint holders.
Indeed, by opening a joint account, all holders have the right to spend the funds available via their own bank card or other means of payment. Thus, each of the holders of the joint account is responsible to the bank in the event of debts. If the account presents an overdraft, the holders, without distinction, will have to reimburse the debtor sum.
On the other hand, in the event of a banking ban following bad checks, for example, you will all be listed at the Banque de France. To protect yourself and not find yourself in this delicate situation, the only solution is to designate a single person responsible for the banking ban when you conclude the contract with the bank.
Can we have several joint accounts at the same bank?
It is quite possible to have several individual bank accounts in one and the same bank. This is also recommended to compartmentalize activities and facilitate day-to-day budget management.
In the same way, you have the possibility of having several joint accounts in the same establishment. However, some banks refuse this practice. You should therefore check with your bank advisor beforehand.
Thus, you can have a joint account with the person who shares your life (spouse, civil union partner, partner) and another with a member of your family (mother, sister, etc.) without this being prohibited by law.
However, be careful with management fees before opening several joint accounts within the same bank.
Close a joint account to dissociate oneself, how to do ?
Want to end a joint account due to separation or other life choice? Be aware that this is an operation that can be carried out at any time, including if your co-holder has not given his consent.
When opening a joint account, the joint holders share the responsibilities of the account in terms of deposit and financial operation. In the event of separation from a joint account, this solidarity is terminated. Each of the holders then regains their freedom from a banking point of view.
In all cases, whether or not you agree to the separation, you should inform your bank advisor very quickly, who will take the steps as quickly as possible.
If it is a situation of mutual agreement of closure, the joint account will be closed as soon as all the operations in progress are carried out.
On the other hand, in the event of disagreement from one of the co-holders, the process will be slightly more complicated. You will first need to send a registered letter with acknowledgment of receipt to your bank. The establishment will then act as an intermediary between the two parties by delivering the letter to the co-holder to inform him of the procedure.
In either situation, the bank will require you to present an identity document, a tax notice, invoices from organizations to be notified as well as proof of address.
Finally, to organize your budget and manage your expenses as well as possible, the bank will require you to open an individual current account in order to domiciliate your salaries.
To note : the joint account can be denounced even before the pronunciation of a divorce. Moreover, you should start the procedure as quickly as possible with your bank so as not to take the risk of seeing your joint account emptied by your ex-spouse.
More information on the joint account:
- How to close a joint account without the consent of the spouse?
- What happens to a joint account in the event of death?
- Joint account decoupling: how to do it?
- Can we have several joint accounts?
- How to open a joint account while being banned from banking?
- How to manage a joint account?
- How to transform a joint account into an individual account?
How to easily manage your various joint accounts?
If you have multiple joint accounts, whether at the same bank or at different banks, you will likely need to check the status of your accounts from time to time. It can also be useful to verify that there are no fraudulent purchases on any of your accounts, all at a glance.
Rest assured, you no longer have to go to the applications of each bank, one after the other. Today you can use a bank accounts aggregator. This will save you precious time and you will also feel reassured.
To use it, it’s very simple. You just need to download the app from the App Store (if you have an iPhone) or from the PlayStore (if you have an Android phone). You will then indicate to the application in which banks you have bank accounts.
Once your username and password are filled in, you will have a unified presentation of all your accounts, as if you had only one. You can then make transfers from one to the other very easily, instead of having to juggle different applications. Of course, you will have the option of filtering the results so that you only see a bank account.
